Home Loans for Single Mothers

Giving your children the best opportunities that you can as a single mother starts with putting a roof over their heads. But, in many places, the cost of housing makes this an almost impossible dream for a working single mom.

While working at one or multiple jobs, it can be hard for a single mother to stretch her budget to find adequate housing for herself and her children. Sometimes, even putting food on the table can be a struggle.

Home Programs

Fortunately, many foundations, organizations and even the government care about raising the next generation and making sure children of single mothers have a safe place to stay in order to increase their chances of succeeding and perhaps becoming leaders someday. Home loans for single mothers are available to help you stretch your resources and afford a comfortable living situation for yourself and your children. Obtaining a secure home loan as a single parent is one way to give your children the stable living environment they need and deserve.

You can reach your dreams of homeownership as a single mother with a little work on your part. Many lending programs will require about a year or two years of good credit history with no late payments. Lenders will also consider your work history. As a single mother, you can improve your chances of qualifying for the many home loan programs available by getting out of debt, paying your creditors on time and keeping documentation of your income and other loan agreements.

Low Income Loans

Low-income workers can make homeownership a reality through a variety of federal programs administered by agencies such as the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA) and the Federal Housing Administration (FHA). Many of these programs are not geared toward single parents in particular.

However, the family income limits typically outlined in these programs put them within reach for single mothers in a variety of income brackets. All of them are geared toward helping working people, including single mothers, afford a home.

Both federal and state government offer direct loans to help people move into homes quickly instead of waiting to save up enough money for a down payment. Low-income loan programs can help single mothers afford down payments and provide a low interest rate.

First Time Homebuyers Programs

Another option for single mothers looking for home loans are government-funded first-time homebuyers programs. Although the name indicates that it applies only to people who have never owned a home before, the good news for single mothers is that these programs do not disqualify women who may have owned a house with the help of a partner or spouse in the past. Single mothers who are divorced can still take advantage of these programs when they decide to buy a home with their own money. A first-time homebuyer can be defined as someone who has not owned or lived in a home for several years.

Community organizations and foundations

There are many local and national community organizations founded with the goal of helping single mothers find a safe place to live with their children. Organizations such as Habitat for Humanity or Bridge of Hope provide resources for single mothers to assist them with budgeting for the purchase of a home as well as financial assistance. Some of these organizations will require the single mother to contribute through volunteer work or good-faith payment plans in order to qualify for the assistance.

This website can help you locate the wide variety of home loan programs available and understand the requirements you will need to comply with in order to qualify. With a little sacrifice and some work, single mothers just like you can achieve the dream of homeownership.